MicroStrategy Acquires $2 Billion in Bitcoins

MicroStrategy Inc. has purchased approximately 27,200 Bitcoin for a total of $2.03 billion. This marks the company’s largest purchase of the digital currency since its initial acquisitions over four years ago.

MicroStrategy has recently incorporated buying Bitcoin into its corporate strategy, purchasing the tokens between October 31st and November 10th, according to a press release on Monday.

This purchase surpasses the amount of tokens the company acquired back in December 2020, when it announced its decision to invest in Bitcoin.

The co-founder and Chairman of MicroStrategy, Michael Saylor, made the decision to invest in Bitcoin as a means to hedge against inflation.

Originally using cash for its purchases, the company has since shifted to using the proceeds from selling stock and convertible debt to increase its buying power.